How to Pick a Mortgage Lender

The best way to pick a mortgage lender is to start your search by looking locally.

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How do I pick a mortgage broker?

The first thing that we recommend is to start by looking at your local lending options. If you do business with a local bank, give them a call and see if they have an in-house lender that you can speak with. If they do, then you’ll be working with someone in a place that you’re already familiar with and trust.

If for some reason you aren’t doing any local business or banking, we still recommend that you start your lender search locally. We deal with online lenders pretty frequently, and some of them are wonderful to work with. But, you still want to try and work with some local because you can have face-to-face interactions with them.

Even if you don’t bank locally, you should look for a local lender.

As far as lender rates go, they’re mostly regulated by the government and will, therefore, be similar from bank to bank. However, some of the fees can be different. To determine how much it may cost, you want to ask your potential lender for a Good Faith Estimate, or a GFE. The lender will print out all the fees and total cost of the particular loan.

You also want to make sure that you have all your documentation in order before speaking with a lender. You’ll need your W2’s, tax returns, at least two years of bank history, and other documents.

Those are just a few tips on how to find a local lender. If you have any other questions or you’re considering buy or selling a home, give us a call. We’d be happy to help.